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U.S. existing home sales fall in October

Sales of previously owned homes fell by more than expected in October, possibly due to delayed foreclosures and as banks imposed “overly strict” lending standards, the National Association of Realtors said Tuesday.

Sales fell 2.2 percent to a seasonally adjusted annual unit rate of 4.43 million units from September's 4.53 million unit pace, the group said. Economists polled by Reuters had expected existing home sales to fall to a 4.49 million unit pace in October.